No, that is two different things. Even if TV partners can break a deal and a conference loses its playoff bid, that doesn’t mean the leaving schools are off the hook.
Remember how few Big East teams were splitting the exit fees back then?
I have also read that if just one PAC12 member remained they could invite 11 replacements and it would still be legally the PAC12 conference.
The BE never lost 5 teams at the same time.